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MFDA Hearing Panel issues Reasons for Decision in the matter of Bobby Gocool
August 10, 2016 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision in connection with a settlement hearing held in Toronto, Ontario on July 28, 2016 in the matter of Bobby Donkar Narine Gocool (the “Respondent”). The Reasons for Decision relate to the Hearing Panel’s acceptance of the settlement agreement (the “Settlement Agreement”) entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated August 10, 2016, (the “Reasons for Decision”) the Hearing Panel confirmed the following sanctions:
• a fine in the amount of $15,000;
• costs in the amount of $2,500; and
• in the future shall comply with MFDA Rules 2.1.1 and 2.5.5.
In the Settlement Agreement, the Respondent admitted that:
a) between January 2013 and August 2014, he obtained, possessed, and in some instances, used to process transactions, 52 pre-signed account forms in respect of 10 clients, contrary to MFDA Rule 2.1.1; b) between January 2013 and August 2014, he altered and used five (5) client account forms in respect of five (5) clients by using liquid correction fluid to change information on the account forms to reflect client instructions, without having the clients initial the changes, contrary to MFDA Rule 2.1.1; and c) between January 2013 and August 2014, he, acting in the capacity of branch manager, reviewed and approved the use of 54 account forms, contrary to MFDA Rules 2.5.5(f) and 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Vaughan, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.
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